DBP taps PayMaya to help improve farmers’ livelihood

The Development Bank of the Philippines has tapped PayMaya Philippines Inc., the digital financial services arm of PLDT’s Voyager Innovations, to help farmers improve their livelihood and productivity.

Under the program, farmer beneficiaries will be able to receive payments for produce as well as disbursements from cash assistance from DBP-partner local governments and organizations through their PayMaya-powered ID cards.

PayMaya will also be providing the cashless disbursement platform to the partner organizations.

“By employing digital means to deliver crucial financial services to them, we are able to help boost their productivity, increase their yields, improve their lives, and contribute to the growth of the economy as a whole,” DBP president and chief executive officer Emmanuel Herbosa said.

PayMaya will likewise enable more businesses – especially in retail, food, fuel, and utility industries – that cater to farmers and their families to accept emerging cashless payment options, including PayMaya QR.

It will also mobilize its Smart Padala by PayMaya nation-widest partner branch network to serve as “digital outposts” in the communities so farmers and their families can conveniently add or cash out funds even in areas without ATMs.

The initial implementation will be targeting rice and tobacco farmers in Isabela to more efficiently disburse the proceeds of the province’s share in the excise tax collections on burley and native tobacco among farmers in the region through PayMaya-powered ID cards.

“This initiative will help boost not just the productivity but also the competitiveness of farmers in Isabela, as they will be provided with crucial financial services that can help with their farm livelihoods, powered by technology,” Isabela Governor Rodito Albano said.

The program partners will also conduct digital and financial literacy campaigns to spur adoption and build overall financial inclusion in the communities.

The partnership also provides DBP and its partners with a seamless means to disburse funds, loan proceeds, and other payments to their partner-beneficiaries, allowing for greater operational efficiencies and security.

It also extends the reach of DBP to communities with limited bank branch and ATM presence.